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Unlike traditional payday loans, they are paid back over time periods longer than a single pay cycle. Plain Green says its minimum repayment cycle is four months. Ten months after Plain Green started making loans, Think Finance lauded the venture in a blog post as a big win for both consumers and the Chippewa Cree.
Dozens of tribal members are employed by Plain Green and every tribal member has already received a payment based on the success of the product. The tribe has even been able to rebuild a baseball field with revenues generated by Plain Green, the post said. Like Think Cash before it, Plain Green makes small, short-term, high-interest loans to people all over the country who have no other source of credit.
Although the company is nominally owned by the Chippewa Cree, the tribe has little actual involvement in its operations and receives a tiny fraction of the revenue generated by the business. The tribe has received an estimated 28 million to 32 million from Plain Green since it was created, according to documents obtained by HuffPost that were filed in tribal court as part of a case between the tribe's former chairman and other tribal leaders that involves the agreement with Think Finance.
A March 11, 2011, agreement between the tribe and Think Finance submitted as an exhibit in that case says that Plain Green had received 4.
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